Live A Debt Free Life

Living debt free is a strange and wondrous concept these days, the phenomenon of having credit available, using it wisely or not at all, saving religiously and planning for the future has become alien in our society. Some financial gurus will explain that living debt free means having no debt at all, but the definitions of debt free range depending on who you ask from not having any debts at all to using credit wisely and productively and controlling the debt.

Whilst the former is obviously the ideal, for the more pragmatic amongst us the latter is the best that we can realistically hope for. After all in this day and age how is anyone apart from those born with a very large silver spoon in their mouth supposed to get on the property ladder without that largest of credit agreements the mortgage. Every family who wants to lead a debt free lifestyle needs to do so by having a committed frugal household budget plan.

One has to struggle to become debt free by distinguishing between needs and wants. In such a materialistic age as ours it is easy to be caught up by the glitz and glamour of advertising campaigns to spend a small fortune that you do not have on products you will never need.

The strategies for achieving debt free status are avoiding usage of credit cards, loans and other credit to fund purchases. Debt consolidation, equity loans, credit counselling, full and final debt settlement, debt management plans, and debt acceleration plans are some of the many different debt managing programs available for those borrowers who are struggling with the heavy monthly payments towards different debts.

Whilst each one of those debt management methods is valid in its own right the surest way of avoiding the need for such remedies always think before you buy, do I need this or do I just want it. If the latter is the answer, particularly if you need credit to buy it then just leave it in the store.

Borrowers can also use the debt repayment accelerator plan to become debt free. This plan accelerates the debt repayment capacity of the borrowers on the basis of the family budget and the priority of the debts also making weekly rather than monthly payments can have an effect.

If you do have a debt problem and envy the debt free life of others i would urge you to do two things, firstly seek the advice of a professional debt management or debt counselling company. Many of these companies have very highly trained staff and can have you back on the right financial track very quickly. Secondly read back through the first few paragraphs of this article and try to adjust your mental attitude to one which will bring and keep that debt free lifestyle.

Depending on the nature of one's job and the family expenditure, one has to come up with a perfect family budget in order to have some surplus cash available for the repayment of debts, it is important that husband and wife sit together to work out and agree to the family budgets. Both the husband and wife of a family have to consult each other in deciding about which expenditure is most important and which is least important and has to cut down expenses accordingly. This will serve as a foundation for a debt free plan of a family. Credit counselling agencies help people in debt relating issues.